Strategy Overview

Investment Objective

The Strategy’s investment objective is to achieve long term capital growth. The Strategy seeks to achieve its objective by investing in a broad range of shares from companies in emerging markets (developing countries) excluding China, or from companies which generate a significant amount of their business from emerging market countries.

Investment Philosophy

The Strategy seeks to achieve its objective by investing in a broad range of shares from companies in emerging markets (developing countries) excluding China, or from companies which generate a significant amount of their business from emerging market countries.

The Investment Manager’s investment approach focuses primarily on fundamental bottom-up stock selection with top-down macro-economic research and analysis.

The Investment Manager seeks to identify growth opportunities by looking at global growth expectations, demand drivers, supply drivers (including those which impact changes in supply), macroeconomic trends (such as social demographic trends, monetary and fiscal policy, government models, and competitiveness) and factors impacting company valuations to establish a dynamic understanding of the economic backdrop to the investment universe. The Investment Manager’s research efforts are directed towards detailed analysis of a company’s specific strategic position and opportunities within its industry with a view to establishing its potential for future Economic Value Add (“EVA”). The Investment Manager looks to identify companies with the capability to generate a high, and growing level, of EVA in the future (identified over the medium to long term investment horizon). Having established a company’s opportunity for growth, its competitive position and its potential to create EVA, the Investment Manager uses a proprietary valuation model to identify its expected level of future EVA creation and its expected market value in relation to its current price. The Investment Manager’s process incorporates quantitive and qualitative analysis of environmental, societal and governance policies, performance, practices and impacts. The Investment Manager uses quantitive analysis (exclusionary screening) to avoid companies involved in activities deemed unacceptable or controversial from an environmental, societal and governance perspective, and uses qualitative methods (external research and internal analysis) to identify companies which can demonstrate continual improvement from an environmental, societal and governance perspective.

Key Facts

Team of dedicated sector specialists
Fundamentally-driven analysis and stock selection
ESG-based analysis incorporated as part of the investment process
Typically 40-70 positions

Strategy Availability

Mutual Fund
UCITS Fund
Separate Account

Management

Jorry Nøddekær

Fund Manager

Palvir Bahia

Analyst

Jasper Wright

Analyst

Peter Andersen

Analyst

Jordan Khawaja

Analyst

Aatman Ajmera

Independent Research Consultant (Mumbai based)

Jorry Nøddekær

Jorry joined Polar Capital in June 2018 to set up the Polar Capital emerging markets growth franchise.

Prior to joining Polar Capital, Jorry worked at various firms including Nordea Investment Management, Danske Capital, F&C Investment Management, New Star Asset Management and BankInvest Asset Management.

Academic qualificationsMSc in Economics and Finance, Aarhus University
Industry experience26 years

Palvir Bahia

Palvir joined Polar Capital in 2025 as a Fund Manager in the Emerging Markets & Asia team. She joined from HALO Global Asset Management where she was a Co-Portfolio Manager focussing on Emerging Asian companies.

Prior to joining HALO in 2017, she worked at BlackRock Investment Management, from 2009, as an Equity Analyst in their Global Emerging Markets team. She joined from New Star Asset Management where she began her career as an Operations Assistant in 2004, leaving in 2009 as an Assistant Fund Manager, Asian equities.

Academic qualificationsBSc in Mathematics, University of Wales and an MSc in Financial Economics, University of Exeter.
Industry experience21 years

Jasper Wright

Jasper joined Polar Capital in June 2023 as a Fund Manager in the Emerging Markets & Asia team. He previously worked for six years at Federated Hermes in London as an Associate Director on their Global Emerging Markets team. Prior to this, Jasper worked for two years as an Analyst at Aberdeen Asset Management in London and completed a summer internship at Arisaig Partners in Singapore.

Academic qualificationsBSc in Economics, University of St Andrews
Professional qualificationsPassed CFA Level 1
Industry experience11 years

Peter Andersen

Peter joined Polar Capital in April 2018. Prior to joining Polar Capital, Peter worked for Nordea Asset Management as an analyst on their Emerging Markets team and prior to his tenure at Nordea Asset Management he worked as a junior sell side analyst for Jyske Bank in their corporate bonds team.

Academic qualificationsMSc in Economics and Management, Aarhus University
Professional qualificationsPassed CFA Level III
Industry experience13 years

Jordan Khawaja

Jordan joined the Polar Capital Emerging Markets & Asia Team as an Investment Analyst in August 2025. He began his career with Polar Capital in 2023 as a Client Services Executive, following his graduation from the University of Leeds where he studied Economics and Mathematics.

Academic qualificationsBSc (1st Class Hons) in Economics and Mathematics
Professional qualificationsPassed CFA Level III
Industry experience2 years

Aatman Ajmera

Aatman has provided investment research and advisory services on Indian equities to Polar Capital’s Emerging Markets and Asia team since April 2023. Previously, he was the co-portfolio manager of the Nordea Asian Stars Fund, having joined the firm in 2019, before which he worked with East Capital in Sweden, focussing on frontier markets. He is based in Mumbai, India.

Risk Considerations

Risks:

Capital is at risk and there is no guarantee the Strategy will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Strategy.

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.

The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.

Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Emerging Market ex-China Stars Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Strategy is actively managed and uses the MSCI Emerging Markets ex China Net Total Return Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Strategy invests. The performance of the Strategy is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at http://www.msci.com/. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

Strategy Performance

As at 31 March 2026

Growth of $10,000

Quarter-end performance (as at March 31, 2026)

	1 Year	3 Years	5 Years	Since Inception (30/06/2023)*	YTD	QX
Gross	41.53	-	-	15.20	1.87	1.87
Net	39.87	-	-	13.68	1.63	1.63
Index**	41.30	-	-	17.84	3.16	3.16

Periods over one year are annualised. *The Strategy was launched on 30 June 2023.

Historical annual returns (%)

	2025	2024	2023	2022	2021
Gross	28.48	3.93	-	-	-
Net	26.87	3.02	-	-	-
Index**	34.61	3.56	-	-	-

**MSCI Emerging Markets ex China Net Total Return Index

The strategy performance data quoted here represents past performance, which is not indicative of future results. The chart illustrates the performance of a hypothetical $10,000 investment made in the strategy since inception (or chosen period). Figures include reinvestment of capital gains and dividends. The index performance figures are sourced from Bloomberg and are in US$ terms.

Performance and Fees: Returns are presented both gross and net of fees. Net returns are calculated using a model fee which is the maximum management, performance & custodial fees that could be charged to a portfolio plus actual non-reclaimable withholding taxes and trading expenses on any underlying portfolio within the composite. Gross of fee returns are presented before actual management, performance & custodial fees but after all trading expenses and non-reclaimable withholding taxes. The current model fee is set to replicate actual management fees, custodial fees, performance fees, withholding taxes and all trading expenses on the account with the highest fees within the composite. The management fee is 0.75% - Institutional. The performance fee is 10% of outperformance of the MSCI Emerging Markets ex China Net Total Return Index. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary.

Composite Description: The Polar Capital Emerging Market ex-China Stars Composite includes all institutional portfolios that invest primarily in a broad range of shares from companies in emerging markets (developing countries) excluding China, or from companies which generate a significant amount of their business from emerging market countries. The objective of the Composite is to achieve long term capital growth.

Policies: Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

Benchmark Information: The MSCI Emerging Markets ex China Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. With 638 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

GIPS Compliance and Verification Status: Polar Capital LLP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Polar Capital LLP has been independently verified for the periods 01 January 2009 through 31 December 2025. The verification reports are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. A list of composite descriptions and a list of broad distribution pooled funds are available upon request.

For further information on the strategy presented, please contact us at investor-relations@polarcapitalfunds.com.

Risk Considerations

Risks:

Capital is at risk and there is no guarantee the Strategy will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Strategy.

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.

The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.

Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Emerging Market ex-China Stars Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Strategy is actively managed and uses the MSCI Emerging Markets ex China Net Total Return Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Strategy invests. The performance of the Strategy is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at http://www.msci.com/. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Risk: Factors affecting Strategy performance may include changes in market conditions (including currency risk) and interest rates, as well as other economic, political, or financial developments. The Strategy’s investment policy allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Strategy to greater risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Polar Capital may also receive a performance fee based on the appreciation in the NAV per share and accordingly the performance fee will increase with regard to unrealised appreciation, as well as realised gains. The performance fee may create an incentive for Polar Capital to make investments for Polar Capital Funds plc which are riskier than would be the case in the absence of a fee based on the performance of Polar Capital Funds plc.

Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

Top 10 Positions (%)

TSMC	9.8
Samsung Electronics	8.7
Chroma ATE	4.0
SK Hynix	3.9
Prosus NV	3.9
Delta Electronics	3.6
NU Holdings/Cayman Islands	3.1
Itau Unibanco Holding SA	2.8
Phoenix Mills	2.6
ICICI Bank	2.4
Total

Market Capitalisation Exposure (%)

	Large Cap (>US$10bn)	75.9
	Mid Cap (US$1 - 10bn)	21.1
	Small Cap (<US$1bn)	0.8

	Strategy	Relative
Real Estate	6.3	5.1
Consumer Discretionary	9.3	4.7
Information Technology	42.0	1.9
Financials	23.6	1.3
Communication Services	4.5	0.7
Energy	3.7	-0.9
Industrials	5.7	-1.6
Health Care	0.0	-2.3
Utilities	0.0	-2.5
Consumer Staples	0.0	-3.5
Materials	2.8	-5.1

	Strategy	Relative
Viet Nam	4.9	4.9
Brazil	11.0	4.0
Netherlands	3.9	3.9
Canada	1.6	1.6
Kazakhstan	1.6	1.6
Australia	1.6	1.6
Singapore	1.6	1.6
Uruguay	1.6	1.6
Philippines	1.6	1.1
Hungary	1.5	1.1
Qatar	0.0	-0.8
Kuwait	0.0	-0.9
Poland	0.0	-1.5
South Africa	2.7	-1.5
Thailand	0.0	-1.5
South Korea	19.2	-1.6
Malaysia	0.0	-1.6
India	14.4	-2.5
Taiwan	26.2	-4.0
Saudi Arabia	0.0	-4.1

Note: Totals may not sum due to rounding.

It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

Risk Considerations

Risks:

Capital is at risk and there is no guarantee the Strategy will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Strategy.

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.

The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.

Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Emerging Market ex-China Stars Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the Strategy. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the Strategy’s best interest to do so. A historic complete list of the portfolio holdings may be made available upon request. It should not be assumed that recommendations made in the future will be profitable or will equal performance of the securities. A list of all recommendations made within the immediately preceding 12 months is available upon request. This webpage is designed to provide updated information to institutional investors to enable them to monitor the Strategy. No other persons should rely upon it. The information provided on this webpage should not be considered a recommendation to purchase or sell any particular security.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Strategy is actively managed and uses the MSCI Emerging Markets ex China Net Total Return Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Strategy invests. The performance of the Strategy is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at http://www.msci.com/. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Allocations: The Strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the Strategy may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Strategy is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Strategy while minimizing its risk. The actual investments in the Strategy may or may not be the same or in the same proportion as those shown herein.

Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

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Regional

Thematic

Specialist

Emerging Market ex-China Stars Strategy

A sustainable approach to investing in emerging markets for investors who wish to manage their own exposure to China

Strategy Overview

Investment Objective

Investment Philosophy

Key Facts

Strategy Availability

Management

Jorry Nøddekær

Palvir Bahia

Jasper Wright

Peter Andersen

Jordan Khawaja

Aatman Ajmera

Jorry Nøddekær

Jorry joined Polar Capital in June 2018 to set up the Polar Capital emerging markets growth franchise.

Palvir Bahia

Palvir joined Polar Capital in 2025 as a Fund Manager in the Emerging Markets & Asia team. She joined from HALO Global Asset Management where she was a Co-Portfolio Manager focussing on Emerging Asian companies.

Jasper Wright

Peter Andersen

Jordan Khawaja

Aatman Ajmera

Risk Considerations

Strategy Performance

Quarter-end performance (as at March 31, 2026)

Historical annual returns (%)

Risk Considerations

Portfolio Exposure

Top 10 Positions (%)

Market Capitalisation Exposure (%)

Sector Exposure (%)Top Overweights & Underweights Relative to Index

Geographic Exposure (%)Top Overweights & Underweights Relative to Index

Risk Considerations

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